Rahman Ravelli emphasises the significance of an appeal against a Petrobras-related AFO

When Rahman Ravelli was asked by Law360 about the top corporate crime cases to watch, they cited the appeal against an account forfeiture order (AFO) issued against former Petrobras executive Mario Ildeu de Miranda.

Under the AFO, the Serious Fraud Office (SFO) seized more than £7 million from de Miranda after he was convicted in Brazil for his part in a bribery scheme involving the oil company. It was the largest amount of money that the SFO has recovered from a single account. 

But Miranda’s lawyers are arguing his conviction is not final until his appeals are exhausted. 

Rahman Ravelli said the case "has importance written all over it, in terms of both its scale and its possible implications.

"For the SFO, an appeal relating to its largest-ever account forfeiture order proceedings could prove to be a severe test of the agency's mettle.

“Anything determined here could, in theory at least, have a huge impact on any future such actions. Given the popularity of AFOs with enforcement agencies in recent years, this may prove significant."

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Featured at: Law360